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hello David Harper a banach turtle and a brief screencast on the conversion factor and the role that it plays in a Treasury bond futures contract in the US Treasury bond futures contract trade on the Chicago Board of Trade where one contract is for delivery of 100,000 face value of the bond in the futures contract the short position here thats this counterparty has the choice to select which government bond is delivered as part of the contract thats the interesting and oftentimes confusing feature of the Treasury bond futures contract the fact that this short can oftentimes choose among 20 or more different government bonds for delivery and those bonds will have different maturities and different coupons for example this short could deliver a 15 point 7 year bond with a 9% coupon or an 18 year bond with a 5% coupon how is it possible the short can deliver these different bonds with different maturities and coupons its possible by way of the conversion factor so the long pays the sh